Do You Want To Be King or Do You Want To Build Wealth

In this episode of The Lazy CEO Podcast, host Jim Schleckser discusses the dynamics of running a business and the choice between being a "king" or being "rich" with his guest Julie. The central question is whether business owners prioritize holding onto control and maintaining their ego-driven leadership style (being a "king"), or if they focus on scaling the business and generating wealth (being "rich"). The conversation revolves around the challenges and decisions faced by founders as their businesses transition from lifestyle-oriented to growth-focused.

Julie highlights that this dilemma is particularly relevant for founder-led businesses at the crossroads of scaling successfully or reverting to a lifestyle-oriented model. The tension between ego-driven leadership and the desire for financial success often influences decisions that can impact the business's direction. The "king" aspect involves maintaining a leadership persona, often tied to personal identity, recognition, and control. The "rich" aspect relates to building wealth and implementing systems for sustainable growth.

The discussion also touches on the significance of a company's mission and values, and how these can reflect the owner's ego-driven tendencies or commitment to scaling for wealth. The podcast delves into the impact on hiring decisions, emphasizing how the types of salespeople and executives chosen can determine the success of the chosen path. The importance of hiring individuals who are motivated by scaling and wealth creation rather than personal recognition or hierarchy is highlighted.

Julie provides examples of business owners who have successfully transformed their businesses by shifting their focus from ego-driven leadership to growth-oriented strategies. The conversation concludes with a discussion about the traits of individuals who are well-suited for a growth-focused environment, including their willingness to bet on themselves, their ability to lead by doing, and their desire to take on higher-stakes risks for the sake of business growth. The idea that building wealth benefits everyone involved in the business journey is also emphasized.